The incorporation of Environmental, Social, and Governance (ESG) factors within the financial reporting results in an enhanced corporate culture along with employee engagement thereby contributing to responsible investing. For the past decade, the investment into ESG has escalated worldwide; similarly, wearable medical devices are seen as a dynamic gadget that has a significant positive impact on the health of individuals thereby contributing to good health and wellbeing – United Nation’s Sustainable Development Goal (UN – SDG) 3.
Prominent players in the sectorare enlightened that health plays an essential role in developing a healthy and sustainable society. It diagnoses, encourages, and monitors the health of the people to assist them with a disease-free, nutritious and healthy way of living, by training them on issues such as assessing personal healthcare and remote patient monitoring and the reason behind good health and well-being.
In 2020, the Covid-19 pandemic led to the expansion of utilization of wearable medical devices, hence aiding companies functioning in the healthcare space to generate a positive influence on socio-economic factors globally. Since then, wearable medical devices have gone popular through AI-based, online, and digitization of tools, allowing companies to explore countless possibilities in this sector. Digital inclusion has been proclaimed as an important factor in development policies by governments globally and the wearable medical devices industry has gained enhanced attention from investors passionate about ESG impact investing.
The ‘S’ in the ESG – the social criteria, is a significant factor that drives investment in this sector uniquely appealing to investors. Companies in the industry promote digital well-being, which provides enhanced access to fitness, promotes diversity and inclusion, and offers good health to every demographic group. More notably, this emphasizes the adoption of a healthy lifestyle.
Top companies and start-ups in the wearable medical devices space are making significant contributions to improving home healthcare, which is access to healthcare, by engaging people in periodic assessments of lifestyle-associated diseases such as hypertension, diabetes, and obesity through personal online mentoring and training programs. Moreover, wearable medical devices in the form of wristbands also help in assessing the body mass index through real-time tracking of activities such as distance covered by a person, calories intake, calories burned, steps walked, breathing rate, and duration of the exercise.
The wearable medical devices sector delivers far-reaching advantages in achieving the UN – SDGs. Few of the SDGs that form the basis is Good Health and Well-being, Gender Equality, Affordable and Clean Energy, and Reduced inequalities. Digital advancements have also helped ensure business continuity through policies such as Work-From-Home, and utilization of digital or electronic documents companies in the market guarantee environmental benefits – decreased CO2 emissions, lessen energy consumption, and conservation of natural resources.
By promoting online well-being, wearable medical devices also help in the continuous monitoring of chronic diseases, neurological disorders, and fertility cycles without hampering the routine life of an individual, hence further advancing its benefits towards promoting a healthy lifestyle.
The major challenges faced by companies operating in the wearable medical devices industry are mainly associated with the higher cost of maintenance of these devices. These products are made up of various parts such as chips, sensors, semiconductors, batteries, and others that need regular replacement, therefore, resulting in the increased price of ownership. In addition to this, the expansion of distribution channels covering retail pharmacies, hypermarkets, and online distribution is a critical factor for the growth of the industry due to enhanced demand for self-monitoring and assessing devices among the customers has driven e-commerce platforms for purchasing and marketing purposes.
To bridge this digital demarcation, investors are focusing on investment opportunities to create digital frameworks to promote good health and well-being. To this, major wearable medical device companies, part of this thematic report have strategies targeted at advancing access to digital ownership and economical access to internet support which are further discussed in detail within the wearable medical device thematic report.
In 2021, the global wearable medical device market size was valued at USD 21.3 billion and is expected to expand at a compound annual growth rate (CAGR) of 28.1% from 2022 to 2030. In 2020, North America recorded a major revenue share of 38.1% within this region, corresponding to the expansion in the popularity of cardiovascular disorders, cancer, and diabetes.
For the Asia Pacific region, the market is looking forward to observing the exponential increase over the speculated period with the major factors in this region being the affirmative government strategies for the utilization of wearable medical devices, rise in the geriatric population group, and enhanced healthcare expenses.
• Top companies in this industry are Philips Electronics, Fitbit, Basis Science, Garmin, and Covidien, among others.
• Macro-economic and ESG-variable analysis of the industry, including regulatory, policy, and innovation landscape
• Key insights on infrastructure developments and ESG issues affecting the theme
• Identify key initiatives and challenges within the industry
• Identify ESG leaders within the industry
• Understand key initiatives and the impact of companies within the sector to fuel an informed decision-making process
• Analysis of industry activities based on multi-media sources, including significant controversies and market sentiment
• Developing a comprehensive understanding of macro-economic, Policies & Regulations and innovations affecting the industry, globally
• Key insights into Infrastructure developments and ESG issues affecting the theme
• Identifying ESG risks and opportunities to business among leading players in the wearable medical device industry
• Obtaining a clear and relevant understanding of company actions, progress, and impact and find opportunities for investment
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